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Garmin Ltd . (NASDAQ:NYSE:GRMN), the $43.7 billion market cap navigation technology company with a "GREAT" financial health rating according to InvestingPro, saw its co-Chief Operating Officer Patrick Desbois recently execute a series of stock transactions involving the company’s registered shares. According to a recent SEC filing, Desbois sold a total of 6,911 shares on February 26, 2025, with prices ranging from $225.09 to $228.27 per share. The total value of these sales amounted to approximately $1.57 million. The transactions occurred as the stock trades near its Fair Value, following an impressive 69% return over the past year.
The sales were conducted under a Rule 10b5-1 trading plan, which Desbois adopted in late November 2024. Following these transactions, Desbois holds 63,048 shares in Garmin, including 25,595 unvested shares acquired through previously granted restricted stock unit awards.
Additionally, on February 25, 2025, Desbois had 3,856 shares withheld to cover tax liabilities related to the vesting of restricted stock units, valued at $226.04 per share, totaling approximately $871,610.
In other recent news, Garmin Ltd. reported a record-breaking fourth quarter and full-year 2024 financial performance. The company achieved a 23% year-over-year increase in Q4 revenue, reaching $1.82 billion, surpassing analyst forecasts of $1.65 billion. Earnings per share (EPS) for the quarter came in at $2.41, exceeding expectations of $1.91, marking a 26.2% surprise. Garmin’s strong performance was driven by notable growth in all business segments, particularly in fitness and outdoor categories, which saw significant increases in sales. For the full year, Garmin’s revenue rose 20% to a record $6.30 billion, with gross margins expanding by 100 basis points to 59%. Additionally, Tigress Financial Partners raised Garmin’s stock target to $285, maintaining a Strong Buy rating due to the company’s continuous innovation and new product development. The firm highlighted Garmin’s introduction of new halo product categories as a factor expected to drive future revenue and cash flow growth. Garmin also announced plans to increase its annual dividend by 20% to $3.60 per share, reflecting confidence in its financial outlook for 2025.
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